Sara Scott | Jan 04, 2013 | Comments 0
Private residential property in Singapore has increased 56 percent since the global financial crisis and many analysts predict the steady incline to continue into the new year.
Growth is likely to average two to three percent over the next five years and interest rates will remain low until 2015, rising two percentage points by 2017. Thus property prices will gain 8 percent by 2017, Michael Wan, research analyst at Credit Suisse told CNBC.
According to Singapore's Urban Redevelopment Authority (URA) the private residential property index rose 1.8 percent from 208.2 points in Q3 2012 to 211.9 points in Q4 2012 – the fastest pace since the second quarter of 2011.
Jones Lang LaSalle data shows property prices registered quarterly gains of between two and 15.8 percent between Q3 2009 and Q2 2011. A slew of cooling measures were rolled out during the same period.
"The recent [price] increase is fairly tame compared to [2009-2011], but robust when seen against the setting of what the government has done to cool the market and the poor economic environment of the local and global economy," Yang Liang Chua, head of research at Jones Lang LaSalle wrote in a note on Wednesday.
"We expect heightened policy measures with the government responding comprehensively to suppress any price increases that rise beyond a level of about 2-4 percent per annum," he added.
Private home prices in Asia's financial hub, ranked as one of the world's most expensive cities to live in.
Filed Under: News • Singapore
Article source: http://www.thethailandlinks.com/2013/01/05/heightened-policy-speculation-for-robust-singapore/
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